FNB rolls out QR code payments to Engen
FNB is expanding its support for QR code payment channels in South Africa. The bank says this follows positive responses from merchants and consumers to its integrated app-based QR code payments solution.
Consumers shopping or filling up at Engen service stations across the country are now able to make QR code payments (Scan to Pay) on FNB’s turquoise point of sale terminals (POS Terminal). The customer will simply select the Scan to Pay option on the Point of Sale device and scan the QR code to make payment.
For added convenience using Scan to Pay, FNB customers can enable the FNB App ‘Scan to Pay’ widget on their smartphones. Alternatively, they can select the Payments option on the FNB App - login and select FNB Pay, then click on ‘Scan to Pay’.
This will be the first phase of the rollout with further QR code payment channels soon to be introduced at major retailers across the country.
Thokozani Dlamini, FNB Merchant Services CEO says the ability to process convenient, efficient and safer payments in a cost-effective manner continues to be essential for businesses. "Digital payment solutions not only lower the cost of usage for merchants but drive wider financial inclusion and acceptance – helping consumers move away from cash," he says.
This new payment option is powered by Masterpass, Mastercard’s digital payment service, which is interoperable with most major domestic QR payments services.
Double-digit growth
Since launching the integrated QR code payments solution on its banking app for both consumers and businesses in the SA banking sector, FNB says it has seen "remarkable growth" with FNB-banked merchants, who actively use QR Speedpoint. From a consumer perspective, Scan to Pay usage has seen double-digit month on month growth since its launch on the FNB App.
“We are fortunate in that our market leader position and continued digitisation of our banking platform enables us to benefit from scale. Consequently, we are able to reach a significant number of merchants in SA, while providing them with industry-leading and affordable banking solutions. This coupled with our initial partnership with Engen, which has the largest service station footprint in South Africa, will go a long way in helping us to accelerate the adoption of digital payment solutions in the country,” adds Dlamini.
